MongoDB files for their IPO

Open source distributed database company, MongoDB, has filed for their IPO.

MongoDB, an Open Source distributed database provider, has recently filed for their IPO just one month after their Q2 2017 earnings report came in reportedly totaling in the range of $68 million year-to-date. Well on track of overcoming their previous earnings of a little over $101 million (a rise of 55% from the previous year) in the 2016 business year. Additionally, MongoDB has also said it that it is looking to raise up to $100 million in the IPO.

“MongoDB's IPO further validates the story, not only around open source technologies and their adoption by the enterprise but the vibrant commercial success of open source-focused businesses,” said Joe McCann, CEO of NodeSource. “Forrester Research points out that open source comprises 80 - 90% of the code in a typical application. All Fortune 500 companies today are utilizing open source technologies more and more and organizations, big and small, are building applications using open source as their foundation because it decreases costs while accelerating time to market. That’s where companies such as MongoDB, NodeSource, and GitHub come into play. MongoDB's is a great example of the market continuing to see value and opportunity in open source technology and the commercial vendors who support it.”

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